business lasting power of attorney
A Lasting Power of Attorney (LPA) is a legal document that allows you (the donor) to choose trusted people (attorneys) to make decisions on your behalf during your lifetime, if there comes a time when you can no longer make decisions for yourself.
The concept of personal LPAs for both property and financial affairs and health and welfare is well known but a business owner needs a separate Business LPA for their financial affairs dealing specifically with their business. The purpose of a Business LPA is to to appoint someone to act on your behalf in connection with your business so that fundamental business operations can continue if you become incapacitated.
If a business owner becomes incapacitated without a Business LPA then it could have a detrimental impact on the business including:
- the running of the business on a day to day basis
- the management of the business finances
- the banks may freeze the business account
- loans can be called in by the bank
- the mechanism for decision making can be frozen
- contracts may not be entered into or valid
- business insurance may be affected
As a Business owner you need to make strategic plans for the future of the business and as part of this you should have measures in place to deal with a situation if you become incapacitated.
At Geoffrey Leaver Solicitors we believe that a Business LPA should reflect the needs of the business owner and therefore one of our expert lawyers will take the time to sit with you to consider who you should appoint and the extent of authority of the LPA .
For the essential business information download our free Pocket Guide to Business LPA.
What our client’s say:
“Dagmara took all the stress and strain of sorting wills and probate at what was a difficult time. We couldn’t have done it without her. Excellent”. Clare Dragisic
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The Private Client Services Team
Dagmara Kulczykowska Partner
Private Client Services 01908 689341Dagmara is Head of the Department and has many years of experience in all aspects of private client work. Dagmara’s strengths are working with families on very sensitive and emotive matters, providing them with specialist legal advice. She ensures clients are supported but also advised clearly and comprehensively on the legal issue(s) at hand so that they can make an informed decision.